FAQs on Conflict of Interest Rule for Retirement Plans

Sets of FAQs Now Available The U.S. Department of Labor’s Employee Benefits Security Administration (EBSA) has released two sets of FAQs on the agency’s conflict of interest rule for retirement plans. Background Federal law protects plans, plan participants, and IRA owners by requiring all who provide retirement investment advice to abide by a “fiduciary” standard. […]

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IRS Issues Guidance on New Individual Mandate Hardship Exemption

Uninsured Health Coverage Tax Credit-Eligible Individuals Qualify for Exemption The Affordable Care Act’s “individual mandate” provision requires every individual to have minimum essential health coverage for each month, qualify for an exemption, or make a penalty payment when filing his or her federal income tax return. Recently, the Internal Revenue Service (IRS) released guidance allowing […]

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4 ways to prevent business interruption from a natural disaster

Hurricane Matthew — which wreaked havoc in Florida, Georgia and South Carolina and flooded large portions of North Carolina in 2016 — is a grim lesson on why companies need business interruption insurance. The hurricane damaged or destroyed more than one million structures and cost $10 billion in damage. Although the theme parks in Central […]

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Reminder to Employers: Post OSHA 300A Summary Starting February 1, 2017

Employers subject to the recordkeeping requirements of the federal Occupational Safety and Health Act are reminded to post the OSHA Form 300A, Summary of Work-Related Injuries and Illnesses, from February 1 – April 30, 2017. The Form 300A lists the total number of job-related injuries and illnesses that occurred during the previous year and must […]

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New Executive Order Calls for Minimizing Fiscal Burdens of ACA

ACA Requirements Remain In Effect Pending Further Guidance or Legislation President Trump has signed an executive order calling upon federal administrative agencies to minimize the economic burden of the Affordable Care Act (ACA), pending repeal of the law. Until further guidance is issued or legislation is signed, however, all ACA requirements remain in effect, including […]

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3 ACA Facts for Small Employers

‘Pay or Play,’ Information Reporting, and More The Internal Revenue Service is reminding small employers about three key provisions of the Affordable Care Act (ACA) that may or may not affect them: Pay or Play: Employers with fewer than 50 full-time equivalent employees are not subject to the employer shared responsibility (“pay or play”) provisions. […]

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8 ways to improve cyber insurance

Cyber insurance is a potentially huge but still largely untapped opportunity for insurers and reinsurers. It is estimated that annual gross written premiums will increase from around $2.5 billion today to $7.5 billion by the end of the decade. Accordingly, many insurers and reinsurers are looking to take advantage of what they see as a […]

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Reminder: Medicare Part D Online Disclosure to CMS Due March 1, 2017 for Calendar Year Plans

Online Form for Employers Offering Prescription Drug Coverage to Medicare Part D-Eligible Individuals The Medicare Modernization Act requires employers that provide prescription drug coverage to Medicare-eligible individuals to complete the Online Disclosure Form to the U.S. Centers for Medicare & Medicaid Services (CMS) to report whether such coverage is creditable prescription drug coverage. Creditable coverage […]

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Cyber (in)security: Can insurance solutions keep pace with threats?

The evolution of cyber perils calls for extreme diligence by insurers willing to underwrite the exposures. Here’s a look at what’s next. During Thanksgiving weekend 2016, workers at the San Francisco Municipal Transportation Agency (SFMTA) received a rude awakening about just how powerfully cyber crime can affect the “real” world. On Nov. 26, the SFMTA […]

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The dangers of freezing water & boilers

As we enter the heart of winter and turn our attention toward cold weather conditions where freezing water can wreak havoc on commercial and residential property, the threat of catastrophic failure to boilers looms large (as seen in article photo). Although fail-safes against significant boiler failures do exist and continue to improve, they remain far […]

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